What were the real losses at Madoff??

By the end of his multi-decade fraudulent run, the final account statements (November 30 2008) issued to all his “clients” totaled the sum of $73.1 billion dollars. The people conned by Madoff believed they were worth a collective $65 billion dollars more than their accounts were worth. The initial amount of cash put up was $20 billion dollars, beginning in the early 1960s and continuously from there forward.

The bankruptcy court in this case has made the basic determination that the losses were ONLY the cash that was initially given to Madoff & Co. The extra $45 billion was a fictitious part of Madoff’s fraud. Therefore, it represents funds that were not actual investment losses, and are not covered by SIPIC insurance. So there . . .